SendR Payout
This is simply a cross currency payout where a Merchant pays a beneficiary account in a currency different from the Payout account. A cross-currency payout refers to the entire transactions chain which results in the debiting of an account in one currency and the crediting the equivalent amount into an account in another currency.
The following are the stages involved in the SendR process:
Step 1: Call Public/payout/Rate Endpoint
This is used to retrieve rate utilized during conversion btw two currency pairs. The Merchants simply pass the Base Account currency, Base Amount & Quote currency to the endpoint. The response shows the credit Amount equivalent to be credited to the destination Account (Beneficiary) and also the applied rate.
The applied rate expires after 300secs. Kindly ensure the rate is applied within the defined period. The rate is assigned a rate ID for subsequent reference.
For example; Example
Rachael needs to send Joseph $1000 from her GBP Account
Rachel only has a GBP balance in his Leatherback Payout Account. This means Rachael needs to know the amount in GBP for a $1000 transfer to Joseph
Based on the above, source_currency/Base_currency is GBP, Quote_currency is USD, destination_amount is 1000 and credit_amount is unknown which is $1000 equivalent in GBP
To get the Credit_amount, Rachael makes the below API call See details
Conditions to be met
· Merchant must maintain an Account in the Base (From) currency with Leatherback
· To currency must be part of currencies supported by Leatherback Payout (This can be checked using the endpoint Disbursement/Currencies/Beneficiaries: below)
· Merchant must have Accounts maintained with Leatherback in the sender’s Currency before such process can be successful
To initiate the Payout transaction, Gather the transaction details as shown on the Request payload, Pass Rate Id from Response in endpoint 1, set reference Id or we generate it for you.
To get Metadata for a specific currency, call the Beneficiary Requirement endpoint by passing the Beneficiary Currency Code and Beneficiary Country code
This endpoint helps to retrieve Metadata specific to a currency. Pass Beneficiary Currency Code and Beneficiary Country code. Example If you want to retrieve meta data for an account in USD domiciled in the local country (United states), you pass Beneficiary Currency Code= USD and Beneficiary Country code=USA and for USD domiciliary Account opened outside the local country. E,g USD Accounts opened in Nigeria will have Beneficiary Currency Code= USD and Beneficiary Country code=NGA
This allows a merchant to determine the different Payout Accounts currency he has with Leatherback that he can transfer from.
Example: If the endpoint in 4 returns (USD, NGN, GBP, CAD, EUR) and End point in step 5 returns (NGN, GHS, INR, USD), This means the Beneficiary can only receive funds in the currencies (NGN, GHS, INR, USD, JPY) Only
This shows the Currencies a Merchant can transfer to (NGN,GHS, INR,USD),
Step 6: Disbursement/Currencies/
Consolidation of distinct currencies in 4 & 5 (NGN, GHS, INR, USD, JPY, GBP, CAD, EUR). Call this endpoint to retrieve this unique set
Webhook: Ensure your Webhook URL is configured on the Dev portal Dashboard (see guide here).
This allow Leatherback notify you about events that happen on your account, such as a successful payment or a failed transaction.
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